Kotak Mahindra Bank, Kotak Mahindra General Insurance Company, and Zurich Insurance Company Limited have agreed to invest approximately Rs 4,051 crore to acquire a 51% stake in Kotak General Insurance through a combination of growth capital and share purchase. Zurich will also acquire an additional 19% stake within three years from its initial acquisition, making it the single largest investment by a global strategic insurer in an Indian non-life insurer.
Tulsi Naidu, CEO Asia Pacific, Zurich Insurance Company Limited said, “With Kotak Mahindra Group’s high-quality franchise and expertise in Indian financial services, and Zurich’s deep distribution experience and class-leading capabilities in retail and commercial insurance, we are confident this partnership can bring strong innovation, know-how, and excellent customer experiences to the Indian general insurance market.”
The Transaction is subject to customary conditions precedent including regulatory approvals from the Reserve Bank of India (RBI), Insurance Regulatory and Development Authority of India, and the Competition Commission of India.
